According to Stratistics MRC, the Intelligent Transportation System (ITS) market is expected to reach $42.67 billion by 2022 growing at a CAGR of 12.21%. Growing population and increasing vehicles have led to increased traffic congestion and need for effective traffic management. The factors favoring the market include, increasing government funding, reducing pollution, rising need for road safety improvements, and increasing traffic congestion. However, high installation costs, sluggish infrastructure growth and need of interoperability between ITS and existing infrastructure are restraining the market growth.

Advanced Traffic Management System (ATMS) is leading the ITS market and is expected to dominate the market during forecast period due to its special functions such as real time monitoring, traffic camera monitoring, road weather information monitoring and incident monitoring, traffic signal controlling, and automatic warning. Advanced Public Transportation Systems (APTS) is also expected to witness rapid growth during the forecast period. Traffic management applications dominate the ITS market and expected to continue its growth during the forecast period. Environment protection and road user charging are expected to be the fastest growing segments.

North America has the leading market for ITS and is expected to dominate the market over forecast period due to rising driver safety, reducing congestion and regulatory initiatives. Asia Pacific is expected to grow at the highest CAGR over the forecast period.

Founded in 1995, EIN News is an international leader in real-time news tracking and digital information services. Our systems continuously scan the web, indexing news from thousands of worldwide sources. The data is then filtered and organized into news streams. The process is supervised by a team of professional news editors.

We are news professionals and technologists dedicated to producing the fastest and most comprehensive news streams on the planet. We are committed to providing our members with the highest quality software tools and resources available.